Life Pro Tips

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LPT requests : Money savings (feddit.uk)

submitted 4 months ago by yewg85lcx@feddit.uk to c/lifeprotips@lemmy.ml

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Starting from payday, I daily move some money to a piggy bank, which helps for some short term requirements.

Any other short term saving ideas? long term also?

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[–] Jimbabwe@lemmy.world 2 points 4 months ago

Something that has worked well for me: creating a Charles Schwab account and setting it up to automatically transfer x dollars from my regular checking to their account. Once that was setup, I configured it to automatically buy 0.9x dollars worth of their Schwab index funds every month. It has performed well through thick and thin since I set this all up a few years ago.

The remaining 0.1x I leave in there as a buffer/short term savings. I don’t have a convenient way to access that money (debit card, checking, etc.), so it’s a good rainy day fund that I can transfer to my regular bank account if I need it.